Financials & Investment Thesis
Conservative, auditable modeling: a fixed BTC reference price, no appreciation assumed, and every multiple presented as illustrative rather than promised.
Five Pillars, In Depth
Structural Energy Cost Advantage
The single largest cost line in industrial Bitcoin mining is electricity. SunBit’s $0.04/kWh contracted rate against a $0.19/kWh GRU commercial grid alternative is a 79% structural reduction that persists across every phase of the fleet. In the base case, it is not treated as a promotional rate subject to renegotiation risk.
Non-Dilutive Scalability via SBA Financing
Each hardware phase (24, then 48, then 96 rigs) is designed to be financed through SBA 7(a) debt rather than successive equity rounds, preserving the Founding Round Investor’s and Founders/Management Pool’s ownership percentages through the scale-up.
Pool Mining at Scale
The July 1, 2026 pivot from solo to pool mining converts binary, lottery-style solo-mining outcomes into steadier, more forecastable BTC production, which is the basis for every revenue projection on this page.
Operating Discipline & Infrastructure Readiness
Corporate formation, tax compliance, banking, and equipment appraisal work is being completed ahead of the financing and listing timeline.
Public-Market Pathway
A targeted July 12, 2027 NYSE American (AMEX) listing is the milestone that would convert private equity value into a liquid, market-priced asset for shareholders. It is treated throughout this site as a target, not a guarantee.
Illustrative Sensitivity: What Could Move the Thesis
| Variable | If It Improves | If It Worsens |
|---|---|---|
| BTC Price | Revenue and NOI scale up directly; EV illustrations understate upside since no appreciation is assumed in the base case. | Revenue and NOI compress; energy cost as a share of revenue rises, pressuring SBA debt service coverage. |
| Network Difficulty | Slower difficulty growth preserves BTC/rig production above modeled levels. | Faster difficulty growth reduces BTC produced per rig versus projections. |
| SBA Approval Timing | Faster approval accelerates the Phase 1–3 hardware buildout and IPO-readiness timeline. | Delayed approval pushes phase transitions later, compressing the runway to the IPO target date. |
| Secondary-Market Hardware Pricing | Cheaper used ASIC supply lowers capex per TH/s. | Tighter secondary-market supply raises the cost of reaching Phase 2 and Phase 3 hashrate targets. |
Capital Structure: Common Stock, Single Class
| Class | Authorized | Outstanding | Voting |
|---|---|---|---|
| Common Stock | 10,000,000 | 2,000,000 | 1 vote/share |
Converted June 30, 2026.
Ownership
| Holder | Shares | % | Original Investment (2024) | Current Estimated Value* |
|---|---|---|---|---|
| Founding Round Investor | 2,000,000 | 20% | Early-stage capital contribution consisting of cash and Bitcoin | Available upon request* |
| Founders / Management / Reserved Pool | 8,000,000 | 80% | Founders’ equity pool | Available upon request* |
*Current Estimated Value is maintained internally by the Company, based on the Company’s growth since the 2024 investment, and is available to verified prospective investors upon request as part of the private placement materials. This internal estimate is not an independent third-party valuation, a formal appraisal, or a 409A valuation, does not reflect any actual completed transaction, and does not reflect a public market price, since no public market for the Company’s shares currently exists. Actual value realized by any holder, if any, will depend on a future liquidity event (such as a sale of the Company or the targeted NYSE American listing) and cannot be guaranteed.
The Founding Round Investor’s 2024 contribution was an early-stage capital contribution consisting of cash and Bitcoin, converted into 2,000,000 shares of common stock on June 30, 2026. Full details of the contribution are documented in the Company’s private placement materials, available to verified prospective investors upon request.
Bitcoin Standard Treasury Policy
SunBit was capitalized in part through a founder loan, and the company’s treasury policy holds a portion of mined Bitcoin rather than converting all of it to USD. See Bitcoin Production & Treasury for the dated, published record of USD conversion activity.
BTC Standard Performance Benchmarks (modeled, not actuals)
| Phase | BTC Produced/Mo (modeled) | BTC Held, Est. Annual (modeled) |
|---|---|---|
| Phase 0 | ~0.15 | ~1.80 |
| Phase 1 | ~1.04 | ~12.48 |
| Phase 2 | ~2.07 | ~24.84 |
| Phase 3 | ~4.15 | ~49.80 |
Financial Projections: Gross Revenue, NOI & Energy Cost by Phase
Modeled with a fixed BTC reference price of $62,530 (July 3, 2026) and no price appreciation assumed, a deliberately conservative base case. These are model outputs, not actual results. See Bitcoin Production & Treasury for actual, dated conversion records.
| Phase | Gross Revenue | NOI | Energy Cost |
|---|---|---|---|
| Phase 0 | $21,900 | $15,067 | $6,833 |
| Phase 1 | $87,600 | $57,241 | $30,359 |
| Phase 2 | $175,200 | $114,483 | $60,717 |
| Phase 3 | $350,400 | $228,965 | $121,435 |
Applying an 8x NOI multiple as one illustrative example: Phase 1 NOI of $57,241 implies an EV of approximately $457,928; Phase 3 NOI of $228,965 implies an EV of approximately $1.83M. These multiples are illustrative only, and investors should substitute their own multiple assumptions. BTC treasury value is not included in this EV illustration.
Margin & Coverage
| Metric | Phase 0 | Phase 1–3 |
|---|---|---|
| Gross Margin | ~68.8% | settling to ~65.3% |
| Energy Cost as % of Revenue | ~31.2% | ~34.7% |
| SBA Debt Service Coverage | ~0.82x (pre-scale) | ~1.6x, comfortably covered at full fleet |